Hacken Prepares a Report on Hacked Crypto Funds in 2023

Crypto News – The blockchain security scene saw a $50 billion decrease in lost cryptocurrency assets in 2023, indicating a move toward stronger security measures and the development of the DeFi ecosystem.

Hacken Prepares a Report on Hacked Crypto Funds in 2023

As per the end-of-year analysis from crypto security firm Hacken, there was a significant decrease in the amount of money lost due to scams and hacks last year. The total losses were $1.9 billion, which is a dramatic contrast to the astounding amounts seen in prior years. The decline in lost value is a major step forward in the industry’s attempts to strengthen security protocols and more skillfully handle problems.

With 214 attacks, BNB Chain has the highest attack count across the industry, followed by Ethereum with 178. Interestingly, the majority of Ethereum and BNB Chain breaches (148 and 97, respectively) were labeled as “rug pulls.”

Most Attacks Occurred in the United States

The geographic distribution of blockchain exploits is also highlighted in the research, with notable hotspots appearing in areas with a high level of fintech activity. This geographic research sheds important light on the fact that blockchain vulnerabilities are global in scope and that a concerted multinational effort is required to address them.

With fifteen, the United States witnessed the most, followed by Singapore with thirteen and the United Kingdom with five. With four, China ranked fourth and had one of the lowest average values stolen each hack ($5 million), compared to $10 million in the US, $23 million in Singapore, and $40 million in the UK.